
Business Forecasting: Get Your Revenue & Growth Numbers Nailed Down
Whether you’re a veteran small business owner or just starting out, we can’t emphasize enough just how critical business forecasting is for your short-term and long-term prospects.
Your business checking account is your cash flow hub — the place where revenue is deposited and expenses are paid.
Though you could likely get by using your personal checking account to operate your firm, business accounts are often equipped with unique features that aren’t available with personal accounts.
On the flip side, business accounts also come with higher fees and more restrictions. Be sure to carefully weigh the differences between business and personal checking accounts before choosing the one that works for you.
If you’re a sole proprietor or run a home-based business, it may seem unnecessary to establish a formal business bank account. This is because a personal account can help you accomplish many of the same business objectives.
With either account type, you can:
Though the essential functions are the same, you’ll discover differences between checking and personal accounts when you dig a little deeper. For example, business checking accounts tend to have many restrictions, leading to higher costs and additional documentation.
With all of the extra trouble and cost, are business bank accounts worth it? Generally, yes. Business accounts typically come with additional features and inherent protections crucial for your operation’s success, including:
Business bank accounts often provide merchant services, allowing small business owners to accept credit or debit card payments from their customers.
Grant access to business checking account funds by issuing employee debit cards. Banks may also allow owners to establish withdrawal limits to maintain spending control
A dedicated business checking account will keep your personal and company finances separated.
Although not legally required for all small businesses, it will save you and your accounting team time when filing taxes or if you are audited. With a commingled account, you may find it challenging to sift through transactions to distinguish business-related from non-business-related expenses.
What might have begun as a hobby or side hustle is now a fully-formed business. Having a business checking account will bolster your company’s appearance of professionalism. Your clients and business associates will be more inclined to trust and do business with you, thanks to the legitimacy provided by a business bank account.
A business checking account is a smart way to draw a clear-cut line between your personal and company finances. Taking this small step now could protect your hard-earned assets against future litigation.
If someone successfully sues your company, their lawyers may go after your business assets to settle the claim. If you lack adequate separation between personal and business finances, they could also go after your house and other personal property.
Lenders will notice you’ve been putting effort into your company’s finances, and they’ll view it as more serious and reliable. They’ll see you as a quality candidate for a business loan or line of credit.
Additionally, if you hold your business checking account at the bank where you’re applying for funding, that established relationship can further boost your loan-approval odds.
The Revenued Business Card is an alternative financing tool available to firms unable to obtain traditional loans or credit cards.
Our automated underwriting software approves card eligibility based on your banking activity. Therefore, a business checking account is crucial for companies planning to apply for the Revenued Card.
Business checking account drawbacks, including more rigorous restrictions and higher fees than personal accounts, are typically outweighed by the advantages.
To protect personal assets from liability, make your life easier at tax time, and ensure you qualify for the Revenued Business Card, open a business checking account.
To be one of the first to find out when the Revenued Card application is available, fill out our online form, or call us today at+1-877-662-3489.
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Whether you’re a veteran small business owner or just starting out, we can’t emphasize enough just how critical business forecasting is for your short-term and long-term prospects.
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